Lyttelton Port of Christchurch, which has so far received $35.7 million in quake-related insurance payments, has not been able to reinsure itself against natural disasters and business interruption.
Port Otago is not expecting to have any difficultly renewing its insurances in early November, but it is expecting a hike in premiums, which at present are less than $500,000 a year.
In a brief note to markets yesterday, listed Lyttelton Port of Christchurch (LPC) said its present insurance policy expired at 4pm today, and it would update the market again shortly.
The three major quakes since September have repeatedly interrupted port operations and damaged infrastructure and wharves, but the company has been able to resume most daily services, albeit on scaled-back operations.
LPC is not alone in struggling to find new insurance. Two Canterbury councils have also had difficulty finding reinsurance companies willing to take on above and below-ground infrastructure insurance, with reports of premiums tripling or quadrupling, or not being offered at all.
The spokesman said LPC was working with its broker on renewal and said cover "has in the main been renewed", but "there is significant difficulty in securing natural disaster cover in the current environment, particularly for business interruption and material damage".
Port Otago chief executive, Geoff Plunket, said Dunedin's port company had renewed its coverage in October last year with no problems, but had experienced a premium hike at the time.
"We're expecting to be able to place the cover required this year, but it's likely to be more expensive," he said when contacted yesterday.
Port Otago has a portfolio of coverage; material damage, which includes its container cranes; business interruption; marine insurance for its vessels; motor vehicles, and also liability policies, covering both land and marine risks.
LPC said yesterday it remained in discussions with its insurers over the respective damage from the major quakes in September, February and June.
Port Otago is not expecting to have any difficultly renewing its insurances in early November, but it is expecting a hike in premiums, which at present are less than $500,000 a year.
In a brief note to markets yesterday, listed Lyttelton Port of Christchurch (LPC) said its present insurance policy expired at 4pm today, and it would update the market again shortly.
The three major quakes since September have repeatedly interrupted port operations and damaged infrastructure and wharves, but the company has been able to resume most daily services, albeit on scaled-back operations.
LPC is not alone in struggling to find new insurance. Two Canterbury councils have also had difficulty finding reinsurance companies willing to take on above and below-ground infrastructure insurance, with reports of premiums tripling or quadrupling, or not being offered at all.
The spokesman said LPC was working with its broker on renewal and said cover "has in the main been renewed", but "there is significant difficulty in securing natural disaster cover in the current environment, particularly for business interruption and material damage".
Port Otago chief executive, Geoff Plunket, said Dunedin's port company had renewed its coverage in October last year with no problems, but had experienced a premium hike at the time.
"We're expecting to be able to place the cover required this year, but it's likely to be more expensive," he said when contacted yesterday.
Port Otago has a portfolio of coverage; material damage, which includes its container cranes; business interruption; marine insurance for its vessels; motor vehicles, and also liability policies, covering both land and marine risks.
LPC said yesterday it remained in discussions with its insurers over the respective damage from the major quakes in September, February and June.
